Cold stores are exposed to risks of damage to the refrigerating equipment, and consequent loss or damage to the stock of items stored.
The consequential loss following a breakdown of any machinery, plant or equipment due to a sudden and unforeseen event could sometimes be worse than the extent of physical damage.
Deterioration of Stock Insurance is designed to provide coverage against damage or loss from deterioration of stocks, in a controlled temperature of the cold storage due to breakdown of refrigerating machinery including rise or fall in temperature, and escape of refrigerants.
In order to have a cover for Deterioration of stock, it is compulsory to have a Machinery Breakdown Insurance Policy for the refrigerating equipment.
The policy provides for indemnity against physical loss or damage to stocks such as frozen meat, foods, and other chilled and frozen items of trade which are destroyed due to the unforeseen and sudden breakdown of refrigerating machinery.
Stock value of the items stored.
The policy always has a time or a monetary deductible applicable on each and every loss.
Premium rates are based on:
- Stock value
- Policy deductibles
- Type of refrigerating plant
- Make of refrigerating plant
- Model of refrigerating plant
- Time to repair or replace the damaged equipment
- Location of the store
- Construction of the building
- Industrial experience of the assured
- Management and housekeeping
Please note that for the easy understanding of the insurance policy, we have highlighted the important aspects. We will be glad to receive your queries and discuss the full set of policy terms, conditions and exclusions.
For more information, please contact Nasco Gulf at +971 4 351 8610.
Basis of Claim Settlement
- The indemnity under the policy is for damage to the stock.
- If the sum insured is found to be inadequate, the policy will pay in such proportion as the sum insured bears to the sum actually should have been insured.
You must alert us of any accident that may lead to a claim covered under the policy, and our team of experts will assist you in the quick settlement of the claim.
Call us as soon as possible, in case of an accident, and our team of experts will guide you through the claim process. For more information, please contact Nasco Gulf at +971 4 351 8610